Another correction to budget document made

Finance Minister AMA Muhith Monday made another correction to the budget document placed for the fiscal year 2015-16, reports UNB.

The finance minister said that in the budget document it was stated that two per cent tax at source will be applicable for importing dried chilli, oil seed, raw and refined edible oil, rice, broken rice, wheat and raw and refined sugar.

"It is three per cent currently, we reduced it to two per cent in the proposed budget," he said, before mentioning that one MP brought the  issue to him that this tax at source is creating problems and instability in the market.

"Let me correct it that there will be no tax at source on these items while importing," Mr Muhith said.

Earlier, on June 8, the Finance Minister corrected the increase of import duty on raw and refined sugar.

In the budget document it was proposed to increase the import duty on raw sugar from Tk 2,000 to Tk 4,000 while on refined sugar to Tk 8,000 from Tk 4,500. It also mentioned that the new rate will be implemented from August 1.

"We considered various proposals, but did not change it, so the previous rate will remain unchanged," the Finance Minister said.